Loans like iCash

Whether you're dealing with a surprise car repair, medical bill, or other financial emergency, these alternatives can provide the short-term lending support you need—often with different terms, rates, or approval requirements.

1. KOHO

KOHO offers Cover, a zero-interest cash advance up to $250, depending on eligibility. All you have to do is sign up for a KOHO account. Then, subscribe to Cover starting as low as $2 a month for the monthly subscription fee, and you can easily access your funds right away in app.

Plus, the more you make use of KOHO for everyday spending and repay your monthly Cover fees on time, the more likely you'll be able to increase your Cover limit.

Need more than what Cover provides? KOHO's line of credit gives you access to $1,000-$15,000, provided by Fora. It's a good option when traditional banks aren't available.

2. iCash

Users can get loans up to $1,500.

Cost Structure: Flat Fee

Cost: $14 per $100 borrowed

Payment due date: Next payday or up to the maximum 62-day period

3. Cash Money

Users can apply for Payday Loans of up to $1,500.

Cost Structure: Flat Fee

Cost: $14 per $100 borrowed

Payment due date: Next payday or about two weeks

4. PAY2DAY

PAY2DAY provides payday loans of up to $1,500.

Cost Structure: Flat Fee

Cost: $14 per $100 borrowed

Payment due date: Next payday

5. GoDay

Users can access payday loans of up to $1,500.

Cost Structure: Flat Fee

Cost: $14 per $100 borrowed

Payment due date: Next payday

What to expect from payday loans

Smaller amounts, shorter time frames

These loans typically range from $100 to $1,500 (exact limits may vary by province). Unlike traditional loans that might stretch over months or years, payday loans are designed to be repaid on your next payday.

The real cost of convenience

The accessibility of payday loans comes at a premium. Most lenders charge around $14 for every $100 borrowed, which translates to APRs exceeding 300%.

Quick funds when you need them

Most lenders provide decisions within minutes. If approved, you'll often receive funds via e-transfer shortly afterward.

Flexibility in how you use the money

Once the funds hit your account, they're yours to use as needed. Lenders don't monitor how you spend the loan.

Accessible despite credit challenges

If your credit score has seen better days, payday lenders might still work with you. They typically focus more on your current income and ability to repay than your credit history.

Preparing your payday loan application

Here's what you'll typically need to have ready before you start the process.

Basic Eligibility Requirements

Most payday lenders look for these fundamental qualifications:

Age verification: You'll need to be the age of majority in your province or territory

Canadian status: Either citizenship or permanent residency with a valid Canadian address

Income source: This doesn't necessarily mean employment—government benefits often qualify too

Banking details: Online applications require an active bank account, though some in-store lenders may offer alternatives

Keep in mind that meeting these criteria doesn't guarantee approval. Each lender has their own specific evaluation process.

Documents to Have Ready

To make your application as smooth as possible, gather these items beforehand:

• A valid photo ID showing your name and address

• Your current phone number

• Recent proof of income (paystubs or benefit statements)

• Your income details (both net and gross amounts)

• Your banking information (account number, routing number)

• Contact information for a reference

Important cautions before you borrow

Before tapping that "apply" button, consider these significant risks:

Hidden Dangers of Quick-Access Loans

Always verify that a lender is properly licensed in your province and has legitimate customer reviews.

Without a solid plan to repay your loan by your next payday, you could find yourself in a dangerous cycle. When borrowers can't repay on time, many take out additional loans to cover the original one. Before long, fees and interest can balloon beyond the original borrowed amount.

Disclaimer: Pricing and terms are based on publicly available information as of July 2nd, 2025 and are provided for comparison only. Accuracy is not guaranteed.